EMI Calculator with Amortization Schedule
Move the sliders or type your numbers — your monthly EMI, total interest, principal vs interest chart and full schedule update instantly. Add a prepayment to see how much interest and time it saves, then download the schedule as a PDF. Everything runs in your browser.
Loan details
Prepayment / part-payment (optional)
Monthly EMI
$1,025.83
- Principal
- $50,000.00
- Total interest payable
- $11,549.59
- Total amount payable
- $61,549.59
This calculator provides estimates for informational purposes only and is not financial advice. Actual EMI may vary based on your lender's terms.
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $12,309.92 | $8,381.45 | $3,928.47 | $41,618.55 |
| 2 | $12,309.92 | $9,122.30 | $3,187.62 | $32,496.25 |
| 3 | $12,309.92 | $9,928.63 | $2,381.29 | $22,567.62 |
| 4 | $12,309.92 | $10,806.23 | $1,503.69 | $11,761.40 |
| 5 | $12,309.92 | $11,761.40 | $548.52 | $0.00 |
Embed this calculator on your site
Paste this code into any web page. It's free — please keep the attribution link.
What EMI means
EMI stands for Equated Monthly Instalment: the same payment, every month, until the loan is gone. The amount never changes on a fixed-rate loan, but what it pays for does. In the first months most of your EMI covers interest, because interest is charged on a large outstanding balance. Every payment chips away at that balance, so the next month's interest is a little smaller and a little more of the EMI goes to principal. The amortization schedule above shows that shift row by row — switch to the monthly view to watch the interest column fall.
The EMI formula
Lenders on reducing-balance loans use EMI = P × r × (1 + r)n / ((1 + r)n − 1). P is the amount you borrow, r is the monthly rate (the annual rate divided by 12, then by 100) and n is the number of monthly instalments. Borrow 50,000 at 8.5% for five years and r is 0.0070833, n is 60, and the EMI works out to about 1,025.83. Over the full term you pay roughly 11,550 in interest. Only three things move the result — amount, rate and tenure — which is why a small change in any of them is worth testing before you sign.
How prepayment affects your loan EMI and total interest
A prepayment (or part-payment) goes straight to principal. Because interest is always charged on what you still owe, a smaller balance means less interest in every month that follows. Your lender then lets you use that saving one of two ways. You can keep paying the same EMI and finish early — the option that saves the most, since the balance disappears sooner. Or you can keep the original end date and pay a lower EMI, which frees up monthly cash but saves less overall.
Timing matters as much as size. The same lump sum paid in year one saves far more than it would in year four, because it removes principal that would otherwise have attracted interest for longer. Before prepaying, check whether your lender charges a prepayment penalty, and compare the saving with what the money could earn elsewhere.
Frequently Asked Questions
What is EMI?+
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI contains two parts: interest on the outstanding balance and a repayment of principal. The total stays the same each month, but the interest share shrinks over time while the principal share grows.
How is EMI calculated?+
EMI is calculated with the formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For example, 50,000 at 8.5% for 5 years (60 months) gives an EMI of about 1,025.83.
Does prepayment reduce my EMI or my tenure?+
It can do either, and you usually choose with your lender. Keeping the EMI the same and shortening the tenure saves the most interest, because the remaining balance is cleared sooner. Keeping the tenure and lowering the EMI eases your monthly budget but saves less interest overall. This calculator shows both options side by side.
What's the difference between flat rate and reducing rate interest?+
A flat rate charges interest on the original loan amount for the whole tenure, even as you repay it. A reducing (or diminishing) balance rate charges interest only on what you still owe, so interest falls each month. A 10% flat rate costs far more than a 10% reducing rate — often close to an 18% reducing rate. This calculator uses the reducing-balance method that most banks use.
Can I use this for any currency?+
Yes. The EMI formula works the same in every currency, so you can pick USD, EUR, GBP, INR, JPY, CAD, AUD, BDT, AED or SGD and the results, schedule and PDF are formatted in that currency. The currency only changes formatting; it does not apply exchange rates or country-specific fees.